London, UK - December 16, 2025 - InfraRed Capital Partners has taken a majority stake in Spanish data centre platform NxN, marking the infrastructure investor’s latest move to deepen its exposure to Europe’s fast-growing digital infrastructure market.
NxN, a next-generation data centre platform established in 2023, was formed as a joint venture between Spanish telecoms group Nethits and investment manager Adequita Capital. The transaction will see InfraRed assume majority ownership, while the existing shareholders retain a minority interest and continue to support the platform’s development strategy. Financial terms of the deal were not disclosed.
InfraRed said the investment aligns with its strategy of backing scalable platforms positioned to capture rising demand for data processing, cloud services and enterprise connectivity across Southern Europe.
Spain has emerged as a key market as operators look beyond traditional hubs such as Frankfurt, London and Paris, driven by improving fibre connectivity, renewable power availability and growing domestic demand.
NxN’s initial focus is on regional data centre developments, targeting enterprise, cloud and digital service providers seeking low-latency infrastructure outside the main European core markets. Construction has already begun on the platform’s first facility, a 5MW data centre in Valencia, which is expected to become operational in 2027. The site is intended to serve as a foundation for a broader rollout across Spain.
InfraRed Partner Pilar Banegas said the firm sees strong long-term fundamentals in the Spanish market and believes NxN is well positioned to capitalise on them. She noted that InfraRed’s experience in developing and scaling data centre platforms across Europe would support NxN’s next phase of growth.
NxN’s management team will remain in place following the transaction, with InfraRed working alongside the founders to accelerate project execution, secure future sites and advance discussions with potential customers. The platform is expected to pursue additional developments in key regional Spanish markets as demand for distributed digital infrastructure continues to rise.
The deal underscores continued investor appetite for data centre platforms despite broader market volatility, particularly assets with clear expansion pipelines and exposure to underserved geographies.
For InfraRed, the acquisition adds to its growing digital infrastructure portfolio, while for NxN, it provides access to long-term capital and operational expertise to support its build-out strategy.
